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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
OPERATING ACTIVITIES      
Net (loss) income $ (267) $ 1,273 $ 1,907
Adjustments to reconcile to cash provided by operating activities:      
Depreciation, amortization, and other 478 403 284
Stock-based compensation 201 187 184
Income taxes (478) (200) (239)
Contract acquisition costs (142) (195) (152)
Restructuring and merger-related charges 200 86 16
Working capital changes (28) (273) (76)
Loss (gain) on asset dispositions 3 (147) (194)
Deferred revenue changes and other 1,137 294 107
Net cash provided by operating activities 1,639 1,685 2,357
INVESTING ACTIVITIES      
Capital and technology expenditures (135) (653) (556)
Dispositions 260 395 479
Loan advances (41) (30) (13)
Loan collections 8 51 48
Other (57) (47) (10)
Net cash provided by (used in) investing activities 35 (284) (52)
FINANCING ACTIVITIES      
Commercial paper/Credit Facility, net (2,290) 951 (129)
Issuance of long-term debt 3,561 1,397 1,646
Repayment of long-term debt (1,887) (835) (397)
Issuance of Class A Common Stock 0 7 4
Dividends paid (156) (612) (543)
Purchase of treasury stock (150) (2,260) (2,850)
Stock-based compensation withholding taxes (103) (148) (105)
Other (8) (8) 0
Net cash used in financing activities (1,033) (1,508) (2,374)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 641 (107) (69)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 253 [1] 360 429
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period 894 [1] 253 [1] 360
Restricted cash 17 28  
Guest loyalty program      
Adjustments to reconcile to cash provided by operating activities:      
Liability for guest loyalty program $ 535 $ 257 $ 520
[1] The 2020 amounts include beginning restricted cash of $28 million at December 31, 2019, and ending restricted cash of $17 million at December 31, 2020, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.